MANILA - On the sidelines of Philweb Corp's annual stockholders' meeting, Ray C. Espinosa, TV5 president, said that the network is working on trimming its losses this year by managing costs and expenses and improving its programming. Ray C. Espinosa said new Commission on Elections (Comelec) rules have restricted potential revenues from poll-related ads.
"Political ads are coming in. It will help a bit but remember the Comelec rule is quite restrictive so our ability as a third network to compete against two incumbent networks is sort of hemmed-in because of that," Espinosa said.
Nevertheless, TV5 is still getting these ads, both for TV and Radyo Singko, he said.
In February, the network joined other media groups in filing before the Supremce Court a petition questioning Comelec's ruling on TV and radio airtime. TV5, through parent company ABC Development Corp, also asked the court for a temporary restraining order.
Manuel V. Pangilinan, TV5 chairman, earlier said the network's losses in the second half of 2012 would likely mimic the P2.8 billon hemorrhage in first semester.
Bulk of the network's expenses consists of talent fees. TV5 will spend P6 billion this year to launch new programs and complete a state-of-the-art Media Center in Mandaluyong.While its two biggest rivals are salivating over election-related ads to boost revenues, TV5 is banking on more Hollywood movies, the network's chief executive said on Tuesday.
Espinosa said those in charge of programming meets weekly as TV5 is "closely monitoring" the performance of its shows.
"We're slowly but steadily developing the shows. The movie strategy -- which is a good one I think -- and the primetime are the pillars of our programming. We're still cultivating stars, talents. It takes a while," he said.
While it is developing a "deeper pool" of "creatives" such as writers, directors and talents, TV5 is gunning to acquire the rights to air bigger Hollywood movies, which are dubbed in Tagalog to attract a wider viewership, Espinosa said.
"That represents a big part of 2013 programming," he said, adding that the dubbed Hollywood films are shown in the afternoon and primetime.
To complement the Hollywood blockbusters, TV5 also airs primetime dramas, Espinosa said.